Yesterday was SS day.
Turned 62 yesterday so I'm now eligible to start my Social (in)Security.
I wish I was in a position to not take it, but doggone it, the way things are going every little bit helps.
Do those of you that have already started getting your SS have any advice for me as far as the application process? I know that starting it at 62 won't get me as much per month, but my wife and I figured the bird in the hand is better than the two in the bush.
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I went against all the right things to do where I worked they offered a retirement package. Xx amount of years served had to be at least 55
I was 57 had 25.5 years in the more I thought about it . well I went into work one morning said I am out of here today at 57 and a bad back I just rode out my time until I hit 62 to get my ss
I turned 65 in March
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you can still work on the side and collect SS if you want, or just get paid to sit on the couch, your choice.........
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hillbille: 30465662270363/comments/30465706036507
you can still work on the side and collect SS if you want, or just get paid to sit on the couch, your choice.........
But they tax your SS. Don
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Start off by setting up a "My Social Security" account. If you have a spouse, set up her account, too.
Avoid going to your local SS office if you can. If you must go in, phone the information line & make an appointment. If you just walk in, you may find that you have a 4 hour wait.
However much you get, be thankful. I figure that the SS fund became insolvent in the 1980's. We are now getting "printing press" dollars, just like the folks on welfare.
You will probably collect as much as you (& your employers) paid in by the time you collect benefits for 3 years. Not a bad deal.
Neal
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I took mine at 62 also. I wanted my share before it was all gone. No regrets.
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Neo- IMPORTANT PART that I totally missed. If you have income other than Social Security, up to 85% of your Social Security can be taxed. I retired at 65 -was full retirement age for me) but was still working for a year. When I did my taxes- WHAT DO YOU MEAN I OWE THE FEDS NINE GRAND!?!?!?!?
You have to tell them to withold taxes- otherwise you can have a big tax bill next year. If you have no other income, does not apply.
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Got everything set up today over the phone. They're going to call on the 28th to finalize things, taxes, direct deposit, etc.
Thanks for all your help, fellas. It is much appreciated!
Chme, right now I don't plan on going back to work but they did tell me I would be able to make X amount per year without it being taxed. 'preciate the input!
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If you can control your earned income between 62 and 67 and keep it less than around $20k, then start at 62. In every scenario I have ever ran, a person is better off to draw early until they reach the age of 79. If one lives past 79, they would have been better off financially to have waited until 67. If you are self-employed, you could always put your spouse on payroll and pay them nicely as long as it is within reason for what a person doing his/her duties would be paid. Or set your business up as a Sub S corporation and pay yourself just under the allowable amount you can earn for early SS retirement. The remainder of business income would not affect the social security eligibility.
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NeoBlackdog: 30465662270363/comments/30465706356891
Got everything set up today over the phone. They're going to call on the 28th to finalize things, taxes, direct deposit, etc.
Thanks for all your help, fellas. It is much appreciated!
Chme, right now I don't plan on going back to work but they did tell me I would be able to make X amount per year without it being taxed. 'preciate the input!
Neo, I believe you, like many others, have what they meant confused. You can make just under $20k in Year 2022 without having to pay back any of the social security benefits. That does not mean you won't have to pay tax on the social security benefits. Two completely different issues. If you are single and if half of your SS benefits plus all of your other income is over $25k, then part of your SS benefits will be taxable. If you are married, then you add half of both spouses SS benefits plus their combined other income and if that is over $32k, then part of your SS benefits will be taxable. The higher you go above the $25k or $32k threshold, the higher percentage of the SS benefits would be taxable. No one pays on more than 85% of the SS benefits. But, dependent on how much that other income is, it still may not cost you any taxes.
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Happy belated birthday!
I plan to take advantage of mine as soon as I can.
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Neacpa, thanks for the advice. When I try to look at this stuff on their website my eyes glaze over and I start to drool about 14.3 seconds in.
If you show me a set of plans, I can build it. Show me a bunch of financial stuff on a piece of paper and it's goodnight, Irene.
Kasey, thanks for the belated!
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Happy Birthday. I'm planning on 63 1/2 mainly for the health insurance reasons otherwise I would do it at 62
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I went ahead and signed up. I will take a 22% deduction on my check to caver taxes. I figure any money is better than geting nothing back from what I paid in. Don
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Locust Fork: 30465662270363/comments/30465695046171
Happy belated birthday!
I plan to take advantage of mine as soon as I can.
Everybody is if they are middles class. Take it before it goes worthless like in The Wiemar Republic of Germany.
serf
Antideficiency Act
To some extent, but not entirely, it implements the provisions of Article One of the United States Constitution, Section 9, Clause 7 (the "power of the purse"), which provides that "No money shall be drawn from the treasury, but in consequence of appropriations made by law."
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There's the little black cloud...
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The Dr. got her first direct deposit yesterday... I ask her if she was considering buying another Corvette and got a stare.
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Congrats.
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